Warning* before you start a scrap metal business consider this

Originally Posted by pcscrapper

well, I read on here,, that people are making big bucks.. the real quesiton... are You reporting it.. don't get caught.... It will cost you more then you make...

so if You're in the business, be sure to keep a good record of all of your transaction.. and all of your paid out and tools for write off... so when it comes time... you're prepared..

just because its a hobby,,, its still consider income and the goverment wants a share of it.

So put away about 10 percent of each check... and save it for taxes...

I put away 15 because of the volume I do..

and I keep all gas, tools, rents, elec, gas for heat, water, internet, phone, phone books ads, flyers, business cards, and the list goes on.. into my expense ledger at the end of year, Its there, all tally up...



Running a scrap business, is not a easy task it requires energy, will power, and elbow grease and ORGANIZATION SKILLS>

so be sure to keep that in mind also.

I keep 33% of my year-to-date net on hand liquid, split 20% in paypal account, 30% in biz bank account, and 50% in my fire box in folding cash. That way when April rolls around, I've got 1/3 of 15 months worth of business, which is all the cash I need to pay Uncle Sam as painlessly as that can possibly be accomplished, plus I keep a nice supply of on hand $$$ so I don't miss any opportunities.


Wow.... some intelligent discourse in this thread. HELLZYEAH!!!!!!!